Foghorn Therapeutics Inc. (NASDAQ:FHTX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been assigned a consensus recommendation of “Moderate Buy” from the eight research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $11.4286.

A number of brokerages have recently issued reports on FHTX. Wall Street Zen upgraded shares of Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Wedbush restated an “outperform” rating and issued a $10.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. HC Wainwright restated a “buy” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a research note on Tuesday, March 10th. Jefferies Financial Group reiterated a “buy” rating on shares of Foghorn Therapeutics in a research report on Thursday, March 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Tuesday, April 21st.

Institutional Investors Weigh In On Foghorn Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FHTX. Brummer Multi Strategy AB acquired a new stake in shares of Foghorn Therapeutics during the 4th quarter worth approximately $25,000. Russell Investments Group Ltd. grew its position in shares of Foghorn Therapeutics by 13,755.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock worth $27,000 after buying an additional 5,502 shares during the period. BNP Paribas Financial Markets grew its position in shares of Foghorn Therapeutics by 48.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock worth $35,000 after buying an additional 2,305 shares during the period. Strs Ohio grew its position in shares of Foghorn Therapeutics by 120.5% during the 4th quarter. Strs Ohio now owns 8,600 shares of the company’s stock worth $46,000 after buying an additional 4,700 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in shares of Foghorn Therapeutics by 136.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock worth $43,000 after buying an additional 5,323 shares during the period. Institutional investors and hedge funds own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Performance

Foghorn Therapeutics stock opened at $4.15 on Friday. The firm has a market cap of $243.65 million, a PE ratio of -3.58 and a beta of 2.89. Foghorn Therapeutics has a twelve month low of $3.27 and a twelve month high of $6.95. The firm’s 50 day moving average price is $4.40 and its two-hundred day moving average price is $4.98.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Thursday, May 7th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $3.27 million for the quarter, compared to the consensus estimate of $7.94 million. Equities analysts anticipate that Foghorn Therapeutics will post -0.98 EPS for the current fiscal year.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of novel epigenetic therapies for cancer. The company leverages its proprietary Targeted Protein Discovery Platform to identify and design small-molecule inhibitors that modulate chromatin regulatory proteins involved in tumor growth and survival. By targeting the mechanisms that control gene expression, Foghorn seeks to address unmet needs in oncology through precision medicine.

The company’s lead candidate, FHD-286, is a selective inhibitor of variant SWI/SNF chromatin remodeling complexes and is currently being evaluated in Phase 1 clinical trials for patients with solid tumors harboring specific SMARCA2 and SMARCA4 alterations.